'With a month to the IPO, and on the verge of embarking on the three week road show, I feel I should have a word with the staff,' Ed confides to his diary.
'I tell them the schedule for going public. Explain how they can buy friends and family allocations. Ask them to pass the word around that it's a great company, with fantastic prospects and they should encourage everyone they know to buy the company's shares. Then I ask for Q &A.'
'After a few trivial issues, some smartarse pipes up: "How long will it be before we can sell our shares?"'
'"Well first of all there's a 180 day lock-up provision, when no one can sell their shares, and then it will depend on how long ago you were granted the options which determines how long the vesting period still has to run", I tell them.'
'"In your case, Ed, how long before you can sell your shares," asks smartarse.'
'"Well I can sell my shares immediately after the IPO", I tell him.'
'"But you haven't been here as long as most of us", retorts smartarse.'.
"Yes, well the board got a special concession from the VCs so their shares could vest immediately on the IPO and we've been exempted from the lock-up provisions", I say.'
'"So it's one law for the board and another law for the rest of us?"
'Silence' writes Ed, 'I say nothing. They don't look happy. Still, with the prospect of a thick wedge coming their way - eventually - they're not going to bitch about it.'
'I leave and go back to my office', writes Ed, 'sod them - poor saps - only 32 days to the IPO and I'll be rolling in gravy like a pig in shit.'
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